SPX 10-26-20 Update
SPX had a pretty impulsive sell off in the morning followed by a strong bounce at the end of the day. The gap at 3360.6 is still left unfilled.
3393.5 still remains an important number as it was the previous all time highs made in 2-19-20 before the Covid pullback and is our support as long as price can stay above.
I have a slightly bullish lean based on today’s price action as that number was broken but the bulls were able to close the day above. Ideally we would like to see a weekly close above that level (marked by white line).
We take the market one candle at a time and one support/resistance at a time.
3417 - 3428 will be overhead resistance (marked by green box). If the market is to break today’s low, the next level of support where we should expect at least an intraday reaction is 3322-3339 area (marked by yellow box).
3393.5 still remains an important number as it was the previous all time highs made in 2-19-20 before the Covid pullback and is our support as long as price can stay above.
I have a slightly bullish lean based on today’s price action as that number was broken but the bulls were able to close the day above. Ideally we would like to see a weekly close above that level (marked by white line).
We take the market one candle at a time and one support/resistance at a time.
3417 - 3428 will be overhead resistance (marked by green box). If the market is to break today’s low, the next level of support where we should expect at least an intraday reaction is 3322-3339 area (marked by yellow box).
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